Points to consider
The business strategy should describe the business direction for the future (from the short to the long term) in terms of vision, strategic themes and a portfolio of planned changes to which every programme (& project) contributes.
The sponsoring group* should include those senior executives with a vested interest in the success of the programme. This includes both those who will reap the benefits and those who may have to divert resources from their own projects.
*Senior level sponsorship of the programme providing the investment decision and top-level endorsement of the rationale and objectives for the programme. May also be known as the Programme Board.